In yet another episode of 'Bhasin Ke Haseen Share', Sanjiv Bhasin, Director, IIFL Securities Ltd, picked two stocks for profit booking on Wednesday.

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In conversation with Market Guru and Zee Business Managing Editor Anil Singhvi, Bhasin spoke about his earlier stock picks, markets' outlook and his stocks recommendations for today. 

Talking about the market today, Anil said, "Nifty has reached 17300 points today; it is in recovery mode."

Bhasin said, "As Bank Nifty reached 17650 points three days ago, get ready for a gap up now, as there is going to be a test in the market. Because of the Fed meeting, everything is priced in. And the rally in metal is telling me that the dollar is closed to topping out."

"UltraTech and Ambuja are outperformers today. Ultratech I suggested to reach till Rs 7480, it was sold at Rs 7480, in a market that is falling. So has Ambuja, hitting Rs 383. L&T, Maruti, and a cash share of NLC India are giving a great break out. NLC came out with a very good number. I still standby my target of Rs 80 for it. I also recommended AB Capital," Bhasin added.

Speaking on his earlier recommendations, Bhasin said, "In the morning I gave two calls, and you can see that today SBI card business is lower, but RBL Bank (Ratnakar Bank Limited) will be reporting strongest ever growth in credit card. This is because they went through the shift from master card to visa, which is now over. And this quarter onward, they will show the strongest ever growth in credit card numbers. So, I recommend you to stick with RBL."

"Because of volatility IEX, I have given stop loss of Rs 264 on the basis of closing. I still think that IEX is going to reach Rs 285. It is a bonus share. Moreover, they are discounted; they may be selling for one more day. So if you are a trader, Rs 264 is your stop loss on a closing basis," he added.

Here are the two recommendations for today, according to Sanjiv Bhasin:-

Mahindra & Mahindra

Bhasin said, "Both are giant shares, Mahindra & Mahindra is a no brainer. The best number and best stock to buy is Mahindra & Mahindra. It is unquestionably headed to four-figure. I would not be surprised if we see Rs 900 target coming very fast."

Price: Rs 845

Target: Rs 885 - Rs 900

Stop Loss: Rs 830

HDFC Bank

"The largest bank, HDFC Bank, has underperformed, but now if we have 17600 points in Bank Nifty, HDFC Bank has to go Rs 1575," Bhasin added.

Price: Rs 1505- Rs 1509

Target: Rs 1575

Stop Loss: Rs 1470

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